Nio (NIO) unveiled a brand new electrical automotive in addition to different key battery and autonomous driving applied sciences at its annual occasion Saturday. Nio inventory topped a purchase level Friday.
The Chinese language rival to Tesla (TSLA) confirmed off its first electrical sedan — dubbed the ET7 — at its Nio Day, including to its lineup of three electrical utility automobiles, which noticed gross sales greater than double final yr.
Earlier than authorities subsidies, the ET7 will carry a beginning value of 448,000 yuan, or about $69,000. By comparability, the bottom model of Tesla’s made-in-China Mannequin Three begins at 265,740 yuan.
The ET7 could have a spread for 621 miles on a single cost, utilizing new battery know-how. That is farther than expectations for 370-500 miles. Deliveries are resulting from start in Q1 2022, although pre-orders started Saturday.
Nio additionally unveiled new battery-swap stations, the place drivers can get new batteries as a substitute of ready to recharge their vehicles. The corporate needs to have 500 swap stations by yr’s finish.
As well as, Nio stated the ET7 will characteristic lidar sensors that allow its autonomous driving system, which is able to value 680 yuan a month.
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Nio Inventory, Chinese language EV Shares
Nio inventory jumped 8.6% to shut at 58.92 in Friday’s inventory market, clearing a 57.30 purchase level from a cup base. Amongst different Chinese language EV shares, Li Auto (LI) misplaced 2.3%, Warren Buffett-backed BYD rose 1.2%, and Xpeng gained 1%. XPEV inventory affords an entry off assist on the 10-week line. In the meantime, Tesla rose almost 8% and is much prolonged from a 466 purchase level.
Nio’s backing of lidar-based autonomous know-how follows different current strikes within the area. Xpeng lately introduced a partnership with lidar firm Livox to make use of the know-how in “a brand new 2021 manufacturing mannequin.” The brand new IPO additionally has teased a brand new electrical sedan.
Plus, lidar shares like Velodyne (VLDR) and Luminar Applied sciences (LAZR) rallied final month on a report that Apple (AAPL) may make a self-driving automotive by 2024 utilizing the know-how.
In the meantime, lidar maker Ouster additionally stated final month it’ll go public through a merger with clean verify firm Colonnade Acquisition (CLA).
Discover Aparna Narayanan on Twitter at @IBD_Aparna.
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